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13 May 2017, 12:55 | Vickie Mathis
Brent WTI Prices Stable
Oil prices move slightly lower on Friday, but were poised to end the week more than 3% higher with traders generally expecting the global oil cartel to extend a production cut deal when the group meets later in the month.
In the report, OPEC pointed to continued high compliance by its members with the supply deal and said oil stocks in industrialized nations fell in March - although they are still 276 million barrels above the five-year average.
"U.S. Lower 48 (all states excluding Alaska and Hawaii) oil production is set to expand by an additional 390,000 bpd from May 2017 to December 2017 assuming a WTI price of [US]$50 per barrel", Rystad said.
Eleven Non-OPEC producers also are expected to extend their commitment to decrease oil output by 558,000 b/d.
"Owing to the rapid recovery in US oil production, OPEC obviously only has limited influence on prices via supply curbs", it said, adding an extension "is unlikely to be more successful than the cuts implemented so far in the longer-term".
The Organization of Petroleum Exporting Countries (OPEC) has asked the U.S.to stop producing so much oil, according to a report Thursday.
OPEC says what the world needs now is a bit less supply on the global oil market. Saudi Arabia, the de-facto Opec leader, has said it expected cuts to be extended.
Bake told the S&P Global Platts Crude Oil Summit that while oil inventories were shifting, with cargoes moving from the Atlantic Basin into Asia, the overall drawdown that many hoped for amid OPEC-led production cuts had not yet materialised. Unless oil prices rally meaningfully, that will continue, he said. Now, OPEC is revising upwards its estimates of how quickly supplies will grow outside of its membership this year by a whopping 64 percent. The Organization of Petroleum Exporting Countries boosted estimates for growth in rival supplies by 64 percent, as producers in the US shale patch, Brazil and elsewhere keep boosting production. USA light crude CLc1 was up 1 cent at $47.84.
Nearly five months later, USA production is rising faster than anyone predicted and his plan has been shredded. Reports from the Energy Information Administration showed that USA stockpiles were down almost 5.2 million barrels, a huge difference from the 1.8 million barrels expected.
The gains resulted from news that USA inventories fell substantially in conjunction with a renewed support by Iraq and Algeria to extend OPEC's production cuts.
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